I’m very, very happy the dollar is coming down – NAPO welcomes exchange rate drop

Dr. Matthew Opoku Prempeh has welcomed the recent rise of the Ghanaian cedi. However, he questions if this change benefits ordinary Ghanaians.

The 2024 running mate to Dr. Mahamudu Bawumia believes the improved exchange rate should lower prices. He stated that if Koko was bringing in $1 billion, it should reflect in cedis.

He explained that now they are giving Koko 10 billion instead of 15 billion cedis. This shows how revenue projections are affected by the dollar-to-cedi rate.

While importers may celebrate lower costs at ports, NAPO asked, “Has it translated to goods and services?”

He also addressed the Public Utilities Regulatory Commission (PURC). Despite the dollar's drop, no emergency meetings have been held to review tariffs. Nearly 70% of utility pricing is linked to the dollar.

NAPO criticized their quick announcements for tariff increases. He noted there’s a lack of responsiveness when rates improve.

He urged patience as the government prepares its first budget. He stressed aligning fiscal planning with current economic realities.

“What dollar rate will he use?” he asked about the Finance Minister's previous projection of 15.4 cedis per dollar in March.

NAPO concluded by emphasizing stability over volatility in prices and rates. Economists prefer steady conditions for better business and investment planning.